The side trend and low volatility are finally over: Yesterday, the EUR/USD dropped for more than 100 pips, the result of a suggestion that the Fed may be cutting the QE III in the near future. The first two supports (1.3380 and 1.3310) were broken quite easily. The first wave stopped at 1.3265, which was all sellers could reach during the American session. During the Asian session, the bears managed to break this support, and European session buyers are trying to come back above this resistance.
EUR/USD" title="EUR/USD" width="638" height="274">
The drop, although it was strong, does not change much in the long-term situation. First signs for the uptrend being over would be the price falling below 1.3180 and the 38.2 Fibonacci level.
For now, the scenario stays neutral with a slightly higher probability for a further downswing, as we do not have any bullish reversal pattern on the chart this far.
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FOMC Gives Strength Back To Dollar
Published 06/20/2013, 06:53 AM
Updated 01/31/2022, 02:45 AM
FOMC Gives Strength Back To Dollar
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